SQQQ LEAPS for a hedge?

Concept, longest dated SQQQ is about 605 days as we speak. Slightly itm $9 call options 2.80/3.45 bid ask. A stack of 10 contracts costs a fraction of 1% of portfolio. Now the 241 day $9 call is 2.00. So, if nothing changed, buy the 605 day, STC it when it’s about a year to expiration and that year hedge cost 1/3 of initial capital or 1.00/contract. Rebuy longest dated atm call. Rinse repeat. Maintain an insurance policy for 10 contracts at $1000/year.

Seems too good to be true and obviously makes major assumptions for the sake of the model. But, buy 2year atm calls, STC when they have a year to go, rebuy new 2 year atm calls. Maintain 1-2 year hedge for reasonable outlay

Still trying to wrap my head around the decay in these leveraged funds and suspect that might be the downfall of the model